Diploma Mills and Debt Traps: How Washington Turned Higher Education Into a Government-Subsidized Racket
The federal student loan program was sold to the American public as a pathway to opportunity. It has functioned, in practice, as a mechanism for transferring wealth from working-class borrowers to university endowments, administrative bureaucracies, and credentialing gatekeepers — all backstopped by the taxpayer. The solution is not debt forgiveness. It is accountability.